A downtown Miami apartment tower deal has turned into an expensive headache for Adler Group, after a Miami-Dade judge ordered the developer to pay roughly $1.2 million to a New York brokerage over an unpaid finder’s fee tied to the project’s equity financing.
The dispute centers on a finance-placing agreement connected to the Modera Riverside development near the Miami River. A Miami-Dade Circuit Court ruling found Adler failed to honor its fee arrangement with Incitatus Real Estate, which says it was the one that brought in the equity partner for the tower. Adler has signaled it is not taking the decision lying down and is likely to appeal.
On March 18, Miami-Dade Circuit Court Judge Lisa Walsh concluded that Adler avoided paying Incitatus $913,802, equal to 1.5 percent of the equity capital Adler obtained from Boston-based CrossHarbor. With accrued interest, attorneys’ fees and costs added on, the final tab climbs to about $1.2 million, according to The Real Deal…